Why Long Term Berish On The S&P 500

One more chart. If you notice on this SPX chart we retraced down to the 78% mark like normal. Then we didn’t make another high, but went lower to the 61% and bounced as we should with Fibs..

Now the bounce of the 61% hit the 78% mark and turned down. Normally I would call this weak but not over, but it looks to me like we are losing the 61% mark and are heading to the 50% mark. A bounce off the 50% and to the 61% would be normal for a Fib bounce then a turn down next to the 38% would be in order after than….